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New Fox net in business Oct. 15

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NEW YORK -- The long-awaited and much-anticipated Fox Business Network will launch Oct. 15, the company said Wednesday.

The network, a production of Roger Ailes and Fox News Channel, has been ramping up during the past several months after Ailes announced last year that it would become a reality. The channel has built studios at News Corp.'s offices on Sixth Avenue in Manhattan, which also is the site of the headquarters of Fox News Channel.

Fox Business Channel also will have bureaus in Los Angeles, Chicago, San Francisco, London and Washington.

It will come out of the gate with 30 million subscribers nationwide, a substantial number, though nothing yet like the fully distributed CNBC that had a two-decade head start. It has signed key distribution deals with Time Warner Cable, Cablevision and other MSOs that will give it expanded-basic-level cable in New York and elsewhere.

The business channel's news operations will be overseen by Neil Cavuto, senior vp and managing editor of business news at Fox News Channel. He will report to Kevin Magee, executive vp Fox News Channel, who is in charge of day-to-day operations, as well as Ailes.